Which of the following is not an input field or selection at the Add New Account window?
a. Financial Statement Override
b. Description
c. Account Type
d. Enter Opening Balance
(Ans- a. Financial Statement Override
Which of the following is not an available button at the Glad you're here...
QuickBooks Final Exam : Questions & Answers Which of the following is not an input field or selection at the Add New Account window? a. Financial Statement Override b. Description c. Account Type d. Enter Opening Balance (Ans- a. Financial Statement Override Which of the following is not an availa ble button at the Glad you're here! page when completing the Express Start method? a. Preview Your Settings b. Create Company c. Create Chart of Accounts d. All of the choices are correct. (Ans- c. Create Chart of Accounts Which is a correct statement? a. The Uncategorized Expenses account is created when you enter outstanding accounts receivable balances in the Vendor Center. b. Upon completion of the Ne w Company Setup level of operation, customizing and updating the Lists/Centers, viewing and printing Reports, and making a backup copy of the new company file, your accounting records are ready for recording daily activities. c. The Uncategorized Income ac count is created when you enter outstanding accounts payable balances in the Customer Center. d. All of the choices are correct (Ans- b. Upon completion of the New Company Setup level of operation, customizing and updating the Lists/Centers, viewing and pr inting Reports, and making a backup copy of the new company file, your accounting records are ready for recording daily activities . Which of the following is true regarding payment terms when you set up a new company? a. QuickBooks creates a list automat ically, which can then be modified. b. QuickBooks copies the payment terms used in the last company you set up. c. QuickBooks creates no payment terms; you must establish them yourself. d. QuickBooks creates a list automatically for customers only. (Ans- a. QuickBooks creates a list automatically, which can then be modified. The accrual basis of accounting a. does not follow GAAP -generally accepted accounting principles. b. is not used for preparing the accounting reports and financial statements in Quick Books. c. requires the recording of revenues when earned and expenses when incurred regardless of cash receipts or cash payments. d. is the same as cash basis of accounting, which records revenue only when the cash has been received for services provided o r for a product sold, and records expenses only when cash payments have been made. (Ans- c. requires the recording of revenues when earned and expenses when incurred regardless of cash receipts or cash payments . In QuickBooks, by default, the accounting r eports and financial statements are prepared using the __________ basis of accounting. a. cash b. cost c. revenue d. accrual (Ans- d. accrual Which of the following item types can be added to the Item List? a. service, inventory part, and sales tax b. inventory, uncategorized income, and uncategorized expenses c. cost of goods sold and payment terms d. service, non -inventory part, and payment t erms (Ans- a. service, inventory part, and sales tax Which of the following is not a field in the Sales Information section of the Edit Item window? a. Tax Code b. Income Account c. Sales Price d. COGS Account (Ans- d. COGS Account To reverse the Uncate gorized Income account in the Make General Journal Entries window, a. debit Uncategorized Income and credit Opening Balance Equity (Capital). b. debit Uncategorized Income and credit Accounts Receivable.
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